Bitcoin has lost almost 4% of its value today, now trading at $61,596. But despite the drop and the ongoing Iran-Israel tensions, many analysts still believe October will turn out to be what they call “Uptober”—a month where Bitcoin typically makes gains.
Analyst Jelle, for example, is staying positive and isn’t worried about the current situation. He posted on X, “Not sure what the fuss is about here. First higher high in ±6 months, key level being reclaimed — and Q4 seasonality about to kick in. Turnaround nearly complete. Send #Bitcoin higher.” It seems like Jelle expects this dip to be part of a larger turnaround, and he’s looking forward to a positive quarter for Bitcoin.
Not sure what the fuss is about here.
First higher high in ±6 months, key level being reclaimed — and Q4 seasonality about to kick in.
Turnaround nearly complete. Send #Bitcoin higher. pic.twitter.com/ehtCDNznfj
— Jelle (@CryptoJelleNL) October 2, 2024
We’ve also seen in past cycles that Bitcoin tends to start new rallies roughly six months after its halving. Analyst Quinten Francois has pointed out that “Uptober” is still in play, but it might require some patience. He reminds us that in previous cycles, Bitcoin’s price didn’t start climbing until the second week of October.
The start of #Bitcoin Uptober in previous cycles:
2020: 8 October
2016: 11 October
— Quinten | 048.eth (@QuintenFrancois) October 2, 2024
Another well-known trader and analyst with over 500K followers on X, Rekt Capital, also sees some encouraging signs. According to him, Bitcoin seems to be finding support at a higher level. He mentioned the important price levels of $65,000 and $67,000, saying, “BTC Bitcoin is showing initial signs of a successful retest, with the Downtrend acting as new support.” If this support holds, we could see Bitcoin moving up again soon.
Bitcoin is showing initial signs of a successful retest, with the Downtrend acting as new support$BTC #Crypto #Bitcoin https://t.co/lsIyz1JrRo pic.twitter.com/RLh4kkXLtS
— Rekt Capital (@rektcapital) October 2, 2024
However, we should remember that not all analysts are expecting a quick rise. Benjamin Cowen is taking a more cautious approach. In a message to his 851K+ followers, he refers to 2019, when after the first Fed rate cut, Bitcoin rallied for two weeks but then pulled back afterward. Cowen thinks we might see a similar pattern this time, with a possible upward move coming in mid-November.
Just to offer a different view to consider other than the "up only" view mostly shared on this platform, in 2019, #BTC rallied for 2 weeks after the 1st rate cut, then dropped to the 100W SMA 2 months later, which would correspond to mid-November. pic.twitter.com/ogicF89JrM
— Benjamin Cowen (@intocryptoverse) October 2, 2024
So, while some are confident that “Uptober” is still on, others remind us to be patient and consider that the road up might not be without a few bumps. Keep following us at HowToBuyBitcoin.org to see what it’s going to be like!